I'm going to show my age. Back in the days when the economy was strong, people just starting out could not GET credit to buy toys. They had to work and save, and pay CASH for toys. There's nothing more dangerous than an 18 year old with a credit card and a 6 year car/truck note. They become 23 year olds filing for bankruptcy.

 

I agree. I have paid cash for every vehicle I have ever bought, except the new 1965 Mustang I bought while a senior in college. Paid it off early, 18 months. I could not live with knowing so much of my money was going out to pay interest.

As to my income, it's not as much as I would like, but probably more than I am worth.

 

operator/supervisor for the family buisness. 25 bucks and hour. with the rain this year ive only made 35k. But on a good year ive seen 90k

yes its photoshopped

 

I am shocked at some of these numbers. By comparison, I do OK for almost 30 years in the work force. I work in the Commercial Credit Field. My employer is an equipment manufacturer, not a bank. However, I have worked in consumer credit, including Thrift and Loans (different kind of a bank) and Mortgage Bankers. I have both approved and collected credit. Everything from Real Estate Loans to retail Jewelry and cars.
My first hourly job paid less than $3 per hour. I bought my first car and motorcycle on this.
By age 20, I made about $1,400 per month.
By age 25, I was up to about $30K per year.
I bought my first house and had 2 kids at $34K per year.
Today is better than that. My wife and I put about 12% in our 401K plans and our mortgage is paid off in less than 10 years. Our last 2 re-fi's were for 15 years, instead of 30 years. We have over $200K equity in our home. I am planning on buying my first investment property at the end of 2009.
I do not put a lot of extras in my truck. Instead, I get to own a Harley (1999) and a couple of PWC (1995 and 2000). We usually keep our cars for at least 9 or 10 years each.
In my line of work, I often get to read complete Bankruptcy filings. You would be amazed at the amount and the type of debt I have seen. 20 plus years of seeing this stuff is the reason I am so conservative with my money.
I will tell you that I believe it is not what you make, it is how you manage it. I have seen 'low income' wage earners that owned multiple real properties and have put 3 or 4 kids through major Universities. I have also seen people making over $100K file bankruptcy or lose their cars to the repo man.
Whatever you make, you should focus on how to manage it (NOT on how to make more).
If you can make more, great. It should just not be your prime focus.
Good luck.

 

I'm a 37 year old robotics/equipment tech for a healthcare solutions company. I'm a salary employee getting $26.00hr plus OT. I am based out of my house, work less than two weeks a month on average, get a $500.00+ monthly car allowance, mileage and have an expense account. I've only been doing this for a year now but couldn't think of a better job to have. I literlally wake up every morning with a smile on my face. I think my hourly is a bit low but the perks more than make up for it. Working from home is where it's at! I've been debt free (besides my mortgage) for almost 4 years now! That has truely been a blessing and has cut my stress level to near zero. I agree with the above posters as far as you kids putting money in your rides instead of saving. At least try and do half and half....cut those credit cards up...they really are the devil!

 

I work in a mine doing a 3week in and 3 week out routine.I grossed just over 75k in the six months I worked last year.I took home just over 52k,which is pretty good for six months.Im a heavy equipment operator and work on my three weeks off as well.I pull another 15 to 20k more a year there.

 

lol.. I'm going to assume this post was directed towards me, partly considering I'm the only one making "$9 an hour." Who are you to decide what we "kids" need? As far as I'm concerned, my $40k truck is money well spent.. that's an investment in itself. Between balancing my expenses from rent, utilities, 2 new vehicles and etc, my expenses only amount to $36k a year. Considering my annual income is near $50k, that leaves plenty of room to spare, and plenty to save. It's not how much you make, but how well you use it.

But in all honesty, what good is saving money gonna do me right now? In my case, I don't work full-time, so benefits of 401k and etc don't apply to me. The only decent form of retirement savings that are possibly worthwhile to me are IRAs, which I contribute $4k to annually since I was 19.

Aside from retirement, lets look at it another way. Say I make $25k a year by myself. If I set aside 10% of my income each year, that would be $2500. It's not much, but still.. not bad, right? Okay then.. considering I'm going to be making well over $125k/yr after I graduate 5 years from now, why not spend that meager $2500 right now, when I need it more? I can always worry about "saving" after I get a real job. In case you cant do the math, 10% of $125k is $12,500. In 1 year I could save what it would have taken me 5 years to save considering my current income.

People are going to live their lives the way in which they choose, even if it means being in debt. Personally.. I'd rather be happy in debt, than miserably poor.

 

Personally, i'd rather be neither. thats why I'm going to college

 

lol.. same here.. but I was just trying to make a point.. and it sounded catchy at the time..

 

It was directed at you and several others. If the shoe fits, wear it.

Is your annual income $50k *AFTER TAXES*? Even if that's gross, that's a heck of a lot more than $9 an hour. 40 hour weeks, straight time, 50k a year is more like $25 an hour.

I have a lot of money in a ING Direct savings account at 3% APY. Today, that's a very decent interest rate. Keep up that IRA, as long as you are confident that it's being managed properly.

It SELDOM happens this way. It's human nature - the more money you make, the more you spend. I was caught in that trap myself and it took me many years to get out from under it. I'm just trying to advise from experience. I can do the math - I paid attention in school.

It's attitudes like this which are the reason for so many problems these days. Bankruptcies, foreclosures, etc. etc. As a taxpayer, I resent some of my money going to bail people like that out who place their warm fuzzies above personal responsibilities. How are you gonna make all your payments if you get laid off or get injured and can't work? Unemployment benefits and workmen's comp don't just start immediately magically all by themselves, and neither will approximate your income level that you just lost.

 

Dude, you should seriously print this post out, put it in a lock box, and read it again in 10 years. It'll be worth a laugh.

This is a perfect stereotypical response of a "college kid who has everything figured out".

1. How do you consider a truck an investment? Investment in what? Are you running a business with it? Is it worth more now than when you drove it off the lot?

2. 50K a year... ok so at $9 per hour, if you were full time, that would equal $18720 per year BEFORE taxes. Hmm something fishy here.

3. Good on you for investing 21% of your gross income into an IRA (4K of $18720)

4. $125K per year right after college!!!??? dude, that's funny. My brother in law is a lawyer just out of college working for a major corporate firm... $80,000 a year. Sure, he will make more soon, but not right away. My cousin is in residency at a major hospital in Ohio- about $90,000 a year. So what is this career in which you'll make $125,000 right out of college?

What you are doing is called "rationalization." You are trying to rationalize the decisions you have made to make them sound good. However, you have no factual basis to base your logic on.

Good luck in life


BTW, as far as being happy in debt, versus miserably poor- I've been in both places, and trust me it's better to be out of debt, because then you are neither (poor or in debt). Do you have any idea how much money you can have stacking up in your bank account when you are debt free? Sure, I drive a 10 year old truck, but I can save for 8 months, and go buy a new one out of pocket. Or, for that matter, since I've gotten debt free, I can just pull some of the tens of thousands of dollars I've saved out of my money market and buy one tomorrow. Saving money racks up buying ability a lot faster than credit.

 

first off he said he makes 25k and his gf makes 25k which = 50k.

part he said was from let over scholarships. part was from work. and i think he said his gf does the exact same thing.

everytime teenagers or college students post what they make, what they spend it on, all the "old" people get all pissed off because we have trucks with mods in them. thats what we love so thats where we put our money. dont judge us just because we have money now and spend it. every adult i have ever talked to saved money for cars when they were kids and then spent their money on that car. same freakin concept for us. just we get paid more than 25 cents an hour like all of yall did. i still save my money. like i said in another post i have 4k in the bank. im 18. obviously i have some common sense on spending or i would have ALOT more money into my truck and other toys. and just like yal say were so stereotypical blowing our money away yal are so stereotypical to complain about how we spend our money. just chill out and get back to what the OP was asking.

 

lol.. I guess it's hard to explain myself unless I reference every previous post I've made.. anywho.. long story short.. my attitude on life has gotten me this far this fast, why change now? Yes, I do make $9 an hour.. I work roughly 24 hours a week.. do the math, it's pretty close to $10k. I bring in nearly $15k from going to college, ever heard of financial aid? If not, read back a couple posts. Did I mention I'm married? She's doing the same thing as me.. so yea, my income + hers = nearly $50k/yr.

1 year from now I'll be an LVN making nearly $20 and hour. 2 years from now I'll be an RN, making about $30 an hour working part time continuing college, sure beats $9/hr.

What job could I possibly land that would net me $125k/yr right outta college 5 years from now? Already said I was going for nursing.. masters at that.. CRNA = Certified Registered Nurse Anesthetist.. My aunt is a CRNA and she brings in nearly $200k/yr carrying her own benefits.. Dont believe it? Look it up.
http://swz.salary.com/salarywizard/l...anesthetist%23
http://www.crnajobs.com/CRNA-Jobs/Jo...sn=Texas&sv=TX
btw.. didnt I mention my wife was doing the same thing?

I try not to be too pessimistic in living my life.. **** happens, thats why we have insurance. I rationalize everything I do, dont you? The facts are there, at least I'm being honest with myself. 10 years from now, I'll look back and say, I told you so.. although, I'll probably be posting in the porsche forums by then.. lol

dont hate.. appreciate.. im your future..

 

[QUOTE=06yz250f;3382728]first off he said he makes 25k and his gf makes 25k which = 50k.

part he said was from let over scholarships. part was from work. and i think he said his gf does the exact same thing.

everytime teenagers or college students post what they make, what they spend it on, all the "old" people get all pissed off because we have trucks with mods in them. QUOTE]

I really think it's more hindsight that being pissed. I did the same thing when I was young. Vehicles, partying and everything inbetween. I wish I would have socked that money away and made it work for me instead of blowing it. Every old a$$ mother f'er told me just like we are telling you. Now that I'm rolling up on 40 years old I wish I would have listened to them.

 

i figure throughout co-op ill make between 30-45k. im hoping to save almost all if not all of it. i also believe like bluejay said earlier in paying a vehicle off the day you buy it if your finances allow it. i hope to do really well in Mech Eng. where i can do this. you would be suprised how smart some of the kids are these days. but im not going to argue that alot of kids are really stupid. i just cant stand how the older people of the forum classify us as the stupid generation who have no logics or responsibility when you asks us what we make and then look at our trucks and just assume we are idiots. not saying everyone does it but alot do. just ask us before you start criticizing us.